Three Ways Utility Benchmarking Will Save You Money
One of the best things about helping your buildings use less energy is that it will simultaneously help your wallet spend less money. Thank goodness for that! The world of energy management would be a dark place if the economics of energy efficiency didn't make sense. This is one big reason it's important to understand how to take advantage of energy management's best practices.
Benchmarking your buildings is one of the first steps towards a healthier portfolio and a happier budget. Utility benchmarking is when you collect your buildings' water, electric, gas & oil usage and analyze it against similar buildings to see how your portfolio stacks up. The first crucial step in benchmarking your energy usage is monitoring the data so you can gauge your performance. The ultimate goal is a better understanding of your building's efficiency so you can troubleshoot issues and perform upgrades that will ultimately reduce your utility costs. Here are three ways that benchmarking will help save you money:
1. Spike Alert!
Many times, utility bills are paid without checking where that cost is coming from. You can determine a building's baseline consumption if you are tracking your monthly usage on a consistent basis. Therefore, if a spike occurs in your energy usage, due to a water leak, a faulty appliance or even an error in billing, you will be able to catch and correct it! Fewer spikes = lower bills.
2. Equipment Meltdown
It's no secret that building equipment like air conditioning, ventilation, lighting and plumbing is expensive and periodically needs to be replaced. An increase in a utility's usage (and spend) can be caused by failing equipment. Your equipment may appear to be functioning normally to your tenants but it is actually using excess energy and costing more to operate. You can determine this by comparing your building's consumption to its peers and to its usage in previous years during the same time period. Fixing your equipment before it causes a major hike on your bill is easier and more cost effective.
3. Easy-as-Pie Reports
Benchmarking your energy usage means you'll have a system to collect, save and monitor your utility data. If you have all of this information neatly organized in one place (like the WegoWise platform), reporting the findings will be much simpler. Electric usage year over year? Check. Water consumption per bedroom? Done. Rank your buildings by efficiency? No problem! This can also help with mandatory utility reporting your state or city may require you to submit.
These are just a few of the ways utility benchmarking will save you money on your bills. The bottom line is you can't manage what you don't measure and benchmarking is step one! Check out how easy it is to get started benchmarking your buildings here and let us know if you need any help. Good luck!